Question 1

What is Duolingo's EV/EBITDA ratio?

Accepted Answer

Duolingo (DUOL) EV/EBITDA ratio is 21.5× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Duolingo?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Duolingo specifically, the relevant sector benchmark is the current sector median of 20.3×.

Question 5

Is Duolingo's EV/EBITDA ratio high or low?

Accepted Answer

Duolingo's EV/EBITDA ratio of 21.5× is below its own 5-year average of 121.0× and above the sector median of 20.3×. That places the current reading at the 11th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Duolingo's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Duolingo (DUOL) EV/EBITDA ratio has ranged from a low of 17.5× in 2026 to a high of 461.2× in 2024. The 5-year average is 121.0× and the 5-year median is 107.9×.

Question 7

What was Duolingo's EV/EBITDA ratio in 2025?

Accepted Answer

Duolingo (DUOL) EV/EBITDA ratio at the end of 2025 was 36.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Duolingo's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$8.18B	$197M	36.3×	-85.1×	Dec 31, 2025
2024	$14.6B	$113M	121.4×	-237.4×	Dec 31, 2024
2023	$9.65B	$24.9M	358.8×	—	Dec 31, 2023
2022	$2.87B	-$53.8M	—	—	Dec 31, 2022
2021	$4.06B	-$56.7M	—	—	Dec 31, 2021
2020	$4.99B	-$13.5M	—	—	Dec 31, 2020
2019	$4.99B	-$11.6M	—	—	Dec 31, 2019


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PTC (PTC)	10.2×
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Gen Digital (GEN)	8.3×
First Solar (FSLR)	8.3×
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Cognizant (CTSH)	7.1×
HP (HPQ)	6.4×
Fidelity National Information Services (FIS)	4.8×
IBM (IBM)	3.8×

EV/EBITDA for Duolingo (DUOL) 2023-2026

EV/EBITDA daily chart for Duolingo (DUOL)

Historical EV/EBITDA for Duolingo (DUOL) from 2019 to 2025

About EV/EBITDA at Duolingo (DUOL)

Duolingo EV/EBITDA by Year

Duolingo EV/EBITDA 2025: 36.3×

Duolingo EV/EBITDA 2024: 121.4×

Duolingo EV/EBITDA 2023: 358.8×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Duolingo (DUOL) Key Financials